Yesterday the pound grew 4 points. Today there is the chance of program reductions, known as sequestration, will be delayed and the growth of the pound is possible.
At 13:30 GMT+4 UK PMI Manufacturing in February is published. It is expected to be 51 vs. 50.8 in January. Mortgage Approvals in January is expected to rise to 57K against 56K in December. Net Lending to individuals is forecast to drop from GBP 1.7 bln to GBP 1.1 bln.
From the technical point of view, if the price consolidates above the resistance lines on the H4 in the area of 1.5196, the growth to the level of Fibonacci 314% 1.5285 is possible. Then the test of Fibonacci channel is probable to 1.5325.
If the scenario is negative and the support on the H4 the line of the Fibonacci channel 1.5130 is likely, the test of area to 1.5057 is possible, the next range of channel 1.5010 opens. The descending move to the range of supports of the trendlines on the daily chart 1.4952/82 may be observed.
